The Italian government was selling off the state owned Yellow pages business. Bain bought 60% of it in 1997 for about 800 Million Euros, then in that special way they seem to have, turned around and re-sold it back to the Italian Telephone company for about 16 BILLLION Euros, or 25x what they paid for it in early 2000 (and more that all the entire acquiring company is worth today). This screamingly high price could possibly be explained by either a) the Internet Bubble or b) the fact that some very power Italian government types had shares in the company. Either way, the important thing for our purposes is that B&Co, and Romney (who may have earned $50 mil personally on the deal) appear to have paid no taxes in the US or Italy on the windfall profits.

What? Is this the latest unfounded rumor we're supposed to believe? This is just swiftboating all over again. Look, "taxers", you're just embarrassing yourselves with this wild-eyed speculation. It's beneath Mitt's dignity to have to respond to this scurrilous balderdash. Harumph.

[Ominous Voiceover, see if we can get NICK TATE]: Mitt Romney wants to represent America to the world. He expects that he can negotiate peace treaties all over the world, but because of Mitt Romney's shady dealings, there are some countries that he's not even allowed to set foot in...

"waaaaah, we sold you an asset too cheaply, then overpaid you when we bought it back!!! No fair!!"

As usual, sounds like Bain did nothing wrong except make a savvy business deal.

I'm sure Italian citizens are not happy about their own corrupt politicians partaking in this deal, either. It's not like they had a say, just like we don't have much of a say in our own country's corrupt politicking either.

"waaaaah, we sold you an asset too cheaply, then overpaid you when we bought it back!!! No fair!!"

As usual, sounds like Bain did nothing wrong except make a savvy business deal.

I'm sure Italian citizens are not happy about their own corrupt politicians partaking in this deal, either. It's not like they had a say, just like we don't have much of a say in our own country's corrupt politicking either.

Skleenar:What? Is this the latest unfounded rumor we're supposed to believe? This is just swiftboating all over again. Look, "taxers", you're just embarrassing yourselves with this wild-eyed speculation. It's beneath Mitt's dignity to have to respond to this scurrilous balderdash. Harumph.

qorkfiend:Monkeyhouse Zendo: qorkfiend: He'll be completely different if we elect him. He won't break into our houses at night and wreck up the place, or sell our children's organs to zoos for meat.

I rarely laugh out loud when reading things on the internet but the organ meat thing got me, well done.

Totally stolen from Futurama ^_^

Who stole it from The Simpsons.

Homer: Marge, please, old people don't need companionship. They need to be isolated and studied so it can be determined what nutrients they have that might be extracted for our personal use.Marge: Homer, would you please stop reading that Ross Perot pamphlet?-- Stockdale could still surprise us, "Lady Bouvier's Lover"

Don't you see: paying owed taxes on profits earned overseas would be taking money out of America. If Mitt Romney actually paid the taxes he owed to foreign countries rather than simply avoiding their jurisdiction he wouldn't be qualified to be president.

"waaaaah, we sold you an asset too cheaply, then overpaid you when we bought it back!!! No fair!!"

As usual, sounds like Bain did nothing wrong except make a savvy business deal.

Well, and pay taxes on the deal.

Bain moved the profits to a sub in Luxembourg, which TFA says is a common corporate strategy to avoid high taxes. It would have been a breach of Bain's fiduciary duty to its investors to not take actions that would legally (and this appears to have been legal) reduce tax liability. And romney, to the extent he personally profited from the deal, would have paid taxes in the US. TFA mentions nothing about taxation of Romneys comp or profits related to this transaction.

Debeo Summa Credo:And romney, to the extent he personally profited from the deal, would have paid taxes in the US. TFA mentions nothing about taxation of Romneys comp or profits related to this transaction.

I know. It's a pity there is no way to ever get to the bottom of what Romney paid in US taxes, because if there were, he could just shut these libs up.

SurfaceTension:So the Republicans want us to elect a guy who can't even go to an allied country because of the financial shenanigans in his past? Wow. Just, wow.

Yeah, this is problematic. Romney has actually burned bridges before he's even gotten to office. His entire campaign was already devoid of any foreign policy platforms, and now we find out that he's pre-alienated multiple allies.

"waaaaah, we sold you an asset too cheaply, then overpaid you when we bought it back!!! No fair!!"

As usual, sounds like Bain did nothing wrong except make a savvy business deal.

Well, and pay taxes on the deal.

Bain moved the profits to a sub in Luxembourg, which TFA says is a common corporate strategy to avoid high taxes. It would have been a breach of Bain's fiduciary duty to its investors to not take actions that would legally (and this appears to have been legal) reduce tax liability. And romney, to the extent he personally profited from the deal, would have paid taxes in the US. TFA mentions nothing about taxation of Romneys comp or profits related to this transaction.

It did. And the net result was he has yet to pay taxes on this transaction.

"waaaaah, we sold you an asset too cheaply, then overpaid you when we bought it back!!! No fair!!"

As usual, sounds like Bain did nothing wrong except make a savvy business deal.

Well, and pay taxes on the deal.

Bain moved the profits to a sub in Luxembourg, which TFA says is a common corporate strategy to avoid high taxes. It would have been a breach of Bain's fiduciary duty to its investors to not take actions that would legally (and this appears to have been legal) reduce tax liability. And romney, to the extent he personally profited from the deal, would have paid taxes in the US. TFA mentions nothing about taxation of Romneys comp or profits related to this transaction.

Cletus C.:Fallout? LIttle diid successful business person know being rich and successful is to be despised in 2012 America.

I don't despise his wealth or success, he just seems out of touch with the lower and middle classes. Just like Obama and all of the Congresscritters to be honest, they're insulated from the day to day struggles of those who are less fortunate.

Cletus C.:So, dude buys a telephone directory company. You're going, dude, a telephone directory company? Are you serious? Can't you see into the future? Those things are doomed.

Dude sells telephone directory company for a big profit. You're going, dude, I see now. You're farking brilliant. No wonder you're so rich and successful.

Taxes stuff? See story. Common practice in the Old Countries, people.

Fallout? LIttle diid successful business person know being rich and successful is to be despised in 2012 America.

Yep, making money is to be praised no matter how it is made. America has one value, and one value alone: Money. The more money involved the better something or someone is. No other criteria are needed.

Thank you for running Romney, the spotlight has done a lot to teach Americans about what most "job creators" actually do for their money: ratfark the system. He didn't even create his own job, his mom did when he fell out of her vagina.

IamSoSmart_S_M_R_T:Cletus C.: Fallout? LIttle diid successful business person know being rich and successful is to be despised in 2012 America.

I don't despise his wealth or success, he just seems out of touch with the lower and middle classes. Just like Obama and all of the Congresscritters to be honest, they're insulated from the day to day struggles of those who are less fortunate.